Grapevine

Nigeria must boost production to achieve $1tn economy — BOI

He noted that the country’s economy relied heavily on fiscal and monetary policies, urging collaboration between both sides.

He also said that Nigeria’s current production levels were insufficient, warning against overreliance on imports if the country aims to achieve economic robustness.

“To reach a $1tn economy, we must focus on boosting production capacity,” Omagu said, calling for investment in agriculture, infrastructure, and services, which would reduce import dependence and ease forex pressure.

Also, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Mr Bello Hassan, among other stakeholders, emphasised the need for banks and Fintech companies to collaborate and drive real sector growth.

He stated that the current recapitalisation initiative of the Central Bank of Nigeria must be effectively implemented.